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Blackstone learns from the masters of trading favours: banks

Bankers might grumble at being asked for a quid-pro-quo to get on a big deal, but they have a record of similar behaviour

Although it might look anticompetitive, there are no specific rules outlawing such "reciprocity"
Although it might look anticompetitive, there are no specific rules outlawing such "reciprocity" Photo: Simone Golob / Corbis / Getty Images

It's no surprise that banks have been scrambling like mad to get a piece of Blackstone's $13.5bn debt financing for its acquisition of Thomson Reuters — it's the biggest buyout package since the financial crisis. Yet one feature of the contest is raising eyebrows.

To get on the deal — and get a slice of the fat fees available — banks have had to jump through all the usual hoops. But even battle-hardened financiers have been surprised to be asked that their banks pledge to maintain spending on Thomson Reuters' data services.

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